"I did that" - Markets crashing and Housing bust imminent - just how low will it go and your predictions...

[Gator Fever]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The first shows that after the period of unprecedented gains for home prices and a uniformlly sellers market, has flipped, and according to Redfin, the highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates shot up to levels not seen since 2008, collapsing the pool of potential home shoppers.

A key metric to watch is the contract cancellation rate, said Rick Palacios, research director at John Burns Real Estate Consulting in Irvine, California. It topped 9% nationally in May, according to his company’s survey of builders, up from 6.6% in April. That’s still short of the 16% pace after the pandemic lockdowns first took hold two years ago.

“The writing is on the wall that more supply is coming, no matter how you slice and dice the data,” Palacios said. “Builders are trying to get in front of that wave. We could have the double-whammy of the economy cooling and a lot of supply coming on. That’s not the best recipe to sell homes.”
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Well we already know Brandon is crashing the stock markets and even cryptos as all the markets quickly dropped into a bear market. Now housing is set to implode by the end of the year if my guess is correct along with the markets collapsing a lot more.

Talking to some construction people here in Florida the builders have just about stopped all their land purchases except for a very few deals closing right now and they are walking away from deals they made for land a few months back as Florida lets them use any made up excuse to do that as long as the deal hasn't made it to closing. One excuse they are using for former groveland to walk away is that it will take more dirt than they thought even though the former grove is no different than all the other ones they bought these past years. Also you now have buyers starting to walk away prior to closing thinking we will have a big drop in prices like happened in 07/08. This is going to get real bad before it gets better.

 

[Gator Fever]

Lol.. Well here is the NY Times answer to some of the food issues we are and will be having.

 

[gatordad3]

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Lol.. Well here is the NY Times answer to some of the food issues we are and will be having.

Too bad Keith Richards snorted his own fathers ashes.

 

[Sunburnt Indian]

Biden promised economic stagnation in Democrat debates and the board's slow are furious when the thinking question 81 million Americans stupid enough to vote for this.

 

[Dr. Curmudgeon]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The first shows that after the period of unprecedented gains for home prices and a uniformlly sellers market, has flipped, and according to Redfin, the highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates shot up to levels not seen since 2008, collapsing the pool of potential home shoppers.

A key metric to watch is the contract cancellation rate, said Rick Palacios, research director at John Burns Real Estate Consulting in Irvine, California. It topped 9% nationally in May, according to his company’s survey of builders, up from 6.6% in April. That’s still short of the 16% pace after the pandemic lockdowns first took hold two years ago.

“The writing is on the wall that more supply is coming, no matter how you slice and dice the data,” Palacios said. “Builders are trying to get in front of that wave. We could have the double-whammy of the economy cooling and a lot of supply coming on. That’s not the best recipe to sell homes.”
----------------------------------------------------------

Well we already know Brandon is crashing the stock markets and even cryptos as all the markets quickly dropped into a bear market. Now housing is set to implode by the end of the year if my guess is correct along with the markets collapsing a lot more.

Talking to some construction people here in Florida the builders have just about stopped all their land purchases except for a very few deals closing right now and they are walking away from deals they made for land a few months back as Florida lets them use any made up excuse to do that as long as the deal hasn't made it to closing. One excuse they are using for former groveland to walk away is that it will take more dirt than they thought even though the former grove is no different than all the other ones they bought these past years. Also you now have buyers starting to walk away prior to closing thinking we will have a big drop in prices like happened in 07/08. This is going to get real bad before it gets better.

Wait until the bottom falls out and then try to fill your once 300,000 home (now worth below 100,000) with groceries that are so expensive you can't afford to fill up the refrigerator.

 

[Gator Fever]

Wait until the bottom falls out and then try to fill your once 300,000 home (now worth below 100,000) with groceries that are so expensive you can't afford to fill up the refrigerator.

Yep I am going to post some predictions on how I think this will play out but we will be stuck with crazy food prices even if there is deflationary pressure on other things. I don't see much rent relief coming either despite houses losing value.

 

[Dr. Curmudgeon]

Yep I am going to post some predictions on how I think this will play out but we will be stuck with crazy food prices even if there is deflationary pressure on other things. I don't see much rent relief coming either despite houses losing value.

Yes..the mortgage payments and rental fees will stay elevated regardless.

 

[jfegaly]

 

[Gator Fever]

 

[Dr. Curmudgeon]

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You get cash which is just as good as money.
- Joe Biden

 

[DCandtheUTBand]

Yep I am going to post some predictions on how I think this will play out but we will be stuck with crazy food prices even if there is deflationary pressure on other things. I don't see much rent relief coming either despite houses losing value.

Gas for sure has to come down to see food prices decline.

 

[BillytheC]

Brilliant Viral Video Shows Just How Accurate Trump's Campaign Trail Predictions About Biden Really Were

It's not often that Americans get a chance to see political prediction come true -- unfortunately, they were predictions about Joe Biden.

www.westernjournal.com

 

[Gator Fever]

Gas for sure has to come down to see food prices decline.

I think gas will be forced to come down some after its peak but it won't give relief on food prices because of all the other mess affecting that. We won't see a drop in gas like we did after 08 either no matter how bad things get. Bidens policies have made sure of that.

 

[ghost_of_ukalum1988]

I think gas will be forced to come down some after its peak but it won't give relief on food prices because of all the other mess affecting that. We won't see a drop in gas like we did after 08 either no matter how bad things get. Bidens policies have made sure of that.

We’re pinched due to loss of refining capacity. It doesn’t do a whole lot of good to produce large volumes of oil if the refining capacity to convert it to usable products (gasoline, diesel, etc) isn’t there. It’s going to take quite a long time to get supply and demand for refined products back into balance.

 

[Capt Ron 1]

We’re pinched due to loss of refining capacity. It doesn’t do a whole lot of good to produce large volumes of oil if the refining capacity to convert it to usable products (gasoline, diesel, etc) isn’t there. It’s going to take quite a long time to get supply and demand for refined products back into balance.

From what I understand...there are refineries offline now that could be fired up with more oil to refine. Not 100% sure about that....I watch so much of this shiz I may be wrong.

 

[ghost_of_ukalum1988]

From what I understand...there are refineries offline now that could be fired up with more oil to refine. Not 100% sure about that....I watch so much of this shiz I may be wrong.

Over 1.3 MB/D of capacity in US shut since 2019​

In this table, "Conversion" means the refinery is shut down and is in the process of being redesigned / reconfigured to process / produce renewable feedstocks into fuel; for example soybean oil or used cooking oil into diesel. This is being done due to the nefarious government program known as the Renewable Fuels Standards (RFS) which obligates refining companies to blend ever-increasing amounts of renewable fuels to satisfy the EPA. The RFS program is estimated to add about $0.25-0.30 per gallon to the price at the pump.

 

[ghost_of_ukalum1988]

From what I understand...there are refineries offline now that could be fired up with more oil to refine. Not 100% sure about that....I watch so much of this shiz I may be wrong.

I posted this on another thread on this board a week or so ago. This AFPM press release does a great job of explaining why and how restarting a closed refinery is not like simply flipping a switch.

Refining Capacity 101: What to Understand Before Demanding “Restarts”

The United States has the most complex and efficient refining industry in the world, but we also have less refining capacity than we used to. Where the issue of refining capacity is concerned, it’s important to understand what refining capacity is, why we’ve lost capacity in the United States...

www.afpm.org

 

[Capt Ron 1]

And they shut them down because Brandon has declared war on fossil fuels. But hey...as bsucky suck says"The president has NOTHING to do with gas prices" He has to be THE dumbest person ever to post on here.

 

[Gator Fever]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Look for more of this coming. Heard part of their issue is also being suckered into climate friendly farming practices.

 

[nail1988]

U.S. Economy Sees ‘Remarkable Drop’ in Demand for Goods and Services as Recession Looms​

U.S. Economy Sees 'Remarkable Drop' in Demand for Goods and Services as Recession Looms

The economy is on a path to contracting in the third quarter, according to the chief business economist at SP Global Market Intelligence. | Economy

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